This Consultation Paper (CP) sets out the Prudential Regulation Authority’s (PRA) proposal to extend, by one year, the dates by which firms are first required to submit a report of their assessment of their preparation for resolution, and to first publish a summary of that report under Rule 3.1(1) and Rule 4.1(1) respectively of the Resolution Assessment Part of the PRA Rulebook (Rules). This would amend the dates in the Rules as follows:
- Resolution Assessment 3.1(1), to reflect that the date by which firms must submit a report of their assessment would change from the first Friday in October 2020, to the first Friday in October 2021; and
- Resolution Assessment 4.1(1), to reflect that the date by which firms must publish a summary of the most recent report would change from the second Friday in June 2021 to the second Friday in June 2022.
The PRA also proposes consequential amendments to Supervisory Statement (SS) 4/19 ‘Resolution assessment and publication disclosure by firms’.
This CP is relevant to UK banks and building societies with £50 billion or more in retail deposits on an individual or consolidated basis, as at the date of their most recent annual accounts.
The CP proposes that the changes resulting from the CP, which will consider responses to any feedback received, would take immediate effect following the publication of the final policy in H1 2021.
Responses and next steps
This consultation closes on Sunday 31 January 2021. The PRA invites feedback on the proposals set out in this consultation. Responses to this CP, CP20/20 and the Bank’s CP ‘Updates to the Bank of England’s approach to assessing resolvability’ may be included in a single response to RAF_OCIR_consultations_2020@bankofengland.co.uk.